Answered: The tax on cigarettes in New York City…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack.

What are some of the secondary effects of this tax? Check all that apply.

Expert Solution

Step 1

Tax is a mandatory unilateral or one way payment made by the public towards the government in the economy. The tax is charged based on various factors such as on the income earned by the individual (known as income tax), on the property owned (Property tax), on the profession hold (known as professional tax) etc. These taxes constitute the main source of income of the government which is used by the government to meet the public expenditures in the economy. Thus, the taxes in the economy are very important and contribute more to the development and growth of the economy.

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